European financial authorities warned that an advanced quantum computer could undermine cryptography used to secure blockchains, saying the threat could emerge before the technology has a viable commercial application.
An advanced quantum computer “could undermine some cryptography systems widely used to secure communications, transactions, databases and blockchains,” according to the report..
The Satoshi-era bitcoin held in older, legacy addresses or reused addresses could face greater risk if quantum computing advances.
A sufficiently powerful quantum computer could use it to derive the private key and take control of the coins.
The European Union (EU) warning does not say that a quantum computer capable of breaking bitcoin’s cryptography exists today.